Laserfiche WebLink
2. The HOME Compliance Period shall commence upon Project Completion ("Project <br /> Completion"), which shall be the date the project is entered as completed in HUD's IDIS <br /> system (Integrated Disbursement and Information System), and shall continue until the latter <br /> of Twenty (20) years from the date of Project Completion, or December 31st, 2039. For the <br /> term of HOME Compliance Period, Four(4) units, in the Property shall be Low-HOME, floating <br /> HOME-Assisted Units, including, Two (2) studio units and Two (2) one-bedroom units as <br /> defined in the Loan Agreement. The HOME-Assisted Units shall include Two (2) units at 30% <br /> AMI, and Two (2) units at 50% AMI. <br /> The maximum monthly rent and utility allowance and the tenant household income limits for <br /> the HOME-Assisted Units shall be established annually by the Owner in conformance with the <br /> Loan Agreement and the Department of Housing and Urban Development HOME Investment <br /> Partnership Act Program Regulations. Following the completion of the HOME Program <br /> Compliance Period, these HOME-Assisted Units shall be City-Assisted Units, and remain <br /> affordable until the End Date of the Loan Agreement, and shall be operated in compliance <br /> with the terms of this Loan Agreement. <br /> 3. For the term of the City Compliance Period, as defined in Section I.G of the Loan Agreement, <br /> the initial City-Assisted Units shall include Sixty-one (61) units. Thirty-one (31) units shall be <br /> affordable to households at 30% AMI, and Thirty (30) units shall be affordable to households <br /> at 50% AMI. <br /> Upon completion of the HOME Compliance Period, the HOME-Assisted Units will be <br /> designated City-Assisted Units, which shall then total Sixty-five (65) units, and remain <br /> affordable through the City Compliance Period, and shall be operated in compliance with the <br /> terms of this Loan Agreement. <br /> The maximum monthly rent and utility allowance and the tenant household income limits for <br /> the City-Assisted Units shall be established annually by the Owner in conformance with the <br /> Loan Agreement and Income limits, are those set as established and revised periodically by <br /> the U.S. Department of Housing and Urban Development, based upon median incomes in the <br /> Seattle-Bellevue, WA HUD Metro FMR area, and adjusted to household size, or such other <br /> standards as the City may determine. <br /> 4. The Owner will provide safe and sanitary housing and will comply with all state and local <br /> housing codes, nondiscrimination, licensing requirements, and other requirements regarding <br /> the condition of the structure and the operation of rental housing in the jurisdiction in which <br /> the housing is located. <br /> 1. The Owner will keep any records and make any reports relating to compliance with this <br /> Covenant Agreement that the City may reasonably require. The Owner will make annual <br /> reports and certifications to the City in such form and with such accompanying <br /> documentation, and on such dates as the City may require. <br /> 6. The Owner hereby irrevocably grants an easement in gross to the City and its agents and <br /> employees, for the duration of this Covenant Agreement, to enter the Property during business <br /> hours on reasonable notice, subject to the rights of residential tenants and applicable landlord- <br /> tenant law, to inspect the condition of the Property, to interview tenants of the Property and <br /> verify income information and any other matters relevant to this Covenant Agreement, and to <br />